Wind Turbine Operations and Maintenance Market to Log CAGR of 8.8% to 2023, will reach US$20.6 billion by 2023: Transparency Market Research

Albany, NY, Dec. 7, 2015 (GLOBE NEWSWIRE) -- The report defines and segments the wind turbine O&M market, providing analysis and forecasts of the global revenue. According to the report, the global wind turbine O&M market stood at US$9.3 billion in 2014 and is likely to reach US$20.6 billion by 2023, expanding at a CAGR of 8.8% between 2015 and 2023.

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Wind turbine O&M services include operations, maintenance, asset administration, remote monitoring, and repair of wind turbines installed at wind farms. Wind turbine O&M services can be scheduled maintenance services or unscheduled maintenance services. Scheduled maintenance services are carried out at regular intervals. Unscheduled maintenance services are carried out in event of sudden breakdown of a wind turbine or its components. Different components of a wind turbine such as gearbox, rotor blade, generator, inverter, brake, and tower require regular maintenance to operate efficiently. Gearbox assembly, rotor blades, and brakes are some of the components which are more susceptible to breakdown and require monitoring and maintenance at regular intervals.

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The global wind turbine O&M market has been segmented on the basis of application into onshore wind turbine O&M and offshore wind turbine O&M. Onshore wind turbine O&M was the largest application segment of the global wind turbine O&M market, accounting for more than 90% of the market share in 2014. However, demand for offshore wind turbine O&M services has been increasing owing to rising number of offshore wind farms and the complexity involved in servicing offshore wind turbines. Increasing number of aging wind turbines, and rising number of gearbox failures and generator assembly failures have augmented the global wind turbine O&M market. Additionally, increased presence of financial institutions and private investors as owners of wind farms has boosted the demand for wind turbine O&M services. Moreover, growing share of offshore turbines in the wind energy mix has also boosted the demand for wind turbine O&M services. Increased cost of logistics and lack of skilled workforce are anticipated to hamper the global wind turbine O&M market in the near future.

In terms of geography, the global market for wind turbine O&M has been segmented into North America, Europe, Asia Pacific, and Rest of World (RoW). Europe accounted for around 40% of the global wind turbine O&M market share in 2014. However, the wind turbine O&M market in RoW is anticipated to grow at the fastest rate during the forecast period. Asia Pacific is anticipated to be the second-fastest growing market for wind turbine O&M during the forecast period. Some of the leading companies in the global wind turbine O&M market include Enercon GmbH, GamesaCorporaciónTecnológica, GE Wind Energy, Nordex SE, Xinjiang Goldwind Science & Technology Co. Ltd., Vestas Wind Systems A/S, Siemens Wind Power GmbH, Suzlon Group, Guodian United Power Technology Company Ltd., and UpWind Solutions Inc.

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The report provides an overview of these companies, followed by their financial revenues (on availability), business strategies, and recent developments. The global wind turbine O&M market has been segmented as follows:

Global Wind Turbine Operation and Maintenance Market: By Application

  • Onshore
  • Offshore

Global Wind Turbine Operation and Maintenance Market: By Region

  • North America
  • Europe
  • Asia Pacific
  • Rest of World (RoW)

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